Archives: Glossary Terms

The county government officer in charge of the office of land records who is also know as a registrar of deeds.

The laws providing for the recording of instruments affecting title as a matter of public record to preserve such evidence and give notice of their existence and content; laws providing that the recording of an instrument in-forms all who deal in real property of the transaction and that, unless the instrument is recorded, a prospective purchaser without actual notice of its existence is protected against it.

Recording
The process of placing a document on file with a designated county public official for public notice who is usually known as the county recorder of deeds and who designates the fact that a document has been presented for recording by placing a recording stamp upon it indicating the time of day and the date when it was officially placed on file. Documents filed with the Recorder are considered to be placed on open notice which is also called “constructive notice” or “legal notice” to the general public of that county. Claims against property usually are given a priority on the basis of the time and the date they are recorded with the most preferred claim going to the earliest one recorded and the next claim going to the next earliest one recorded and so on.

An illegal lending policy of denying real estate loans on properties in specific older, changing urban geographical areas usually with large minority populations because of assumed higher lending risks without due consideration being given by the lender to the credit worthiness of the loan applicant.

The paying off of an existing mortgage loan obligation by extending or renewing existing financing or taking on a new loan obligation in its place.

An action taken to correct a mistake or error in a deed or other legal document.

A stipulation by a holder of a blanket mortgage that upon the payment of a specific sum of money that the lien to the specifically-described lot or area shall be removed from the blanket lien on the whole area involved.

An instrument executed by the mortgagee or the trustee reconveying or returning the title to the real estate secured by the loan back to the mortgagor or trustor upon full payment of the debt. Also known as a Reconveyance deed.

The form prescribed by the Uniform Commercial Code for indicating the release of all or part of a security interest.

To make physical alterations that are greater than simply keeping the property in good state of repair.